(Bloomberg) Excel Maritime Carriers Ltd. agreed to buy the 11-year-old cargo ship MV for $32 million to expand its fleet of vessels.

The ship, which will be renamed , was built by Hitachi Maizuzu of Japan in 1993 and can carry as much as 71,000 tons of cargo, Bermuda-based Excel said in a statement. It was purchased from an unidentified, closely held Greek company, CEO Christopher Georgakis said in an interview.

The purchase is part of Excel?s plan to buy ships it can immediately put to work to recoup some of the purchase price. Excel has acquired six ships since Georgakis joined in October.

The chief executive said acquisitions will continue if 35 percent of the purchase costs can be recovered through charter operations over two years. ?We?ve got a little bit of cash on the balance sheet, so we will acquire additional vessels if the right opportunity arises,? Georgakis said in a telephone interview from Piraeus, Greece.

MV will be delivered in April and sent on a two-year charter mission for $28,250 a day, Excel said.